The building – called The Annex - is the newest addition to the University of Ottawa's residence portfolio, opened in September 2018, located approximately 300 meters from the university.

It will be the REIT’s third purchase and takes its assets to more than $200 million. It’s also the second property that the REIT will own in Ottawa, following the acquisition of 111 Cooper Street in November 2018.

Alignvest’s management says that it believes Ottawa is one of the most attractive student housing markets in Canada and The Annex, with 503 beds in 159 fully-furnished studios, also includes commercial space with tenants that specifically target the student community.

"The Annex is an outstanding, brand-new, PBSA asset. The Annex has a long-term agreement with the University of Ottawa, offering the accommodation to its students as part of their residence portfolio. The high-quality property, combined with the unique partnership with one of the preeminent universities in the country, makes The Annex one of Canada's premier PBSA properties."